A dispute between Ukraine and Russia over natural gas costs is making worldwide headlines. While it is difficult to predict where the events will lead in the near-term, you might be asking what long-term effects this will have upon Russia in general and Gazprom in particular. A major pipeline bypassing Ukraine, called North Stream is currently under construction and will be completed in the next two to three years. Additionally, in the approaching years look for more natural gas exports to grow and pipelines to be built between Russia and its Asian neighbors, as agreements have been signed in the past couple of years, they will come to fruition in the years after North Stream is completed. So while it is difficult to predict how negative the current dispute will get and difficult to gauge its impact, the approaching years should see less vulnerability to the Russian energy industry.